DETROIT ¨C Ford Motor Co.¡¯s top financial executive said the weak yen hands Japanese automakers as much as $11,000 more profit per car and allowed Toyota Motor Corp., the world¡¯s largest automaker, to earn an extra $10 billion in 2013. Ford wants the U.S. to intervene against what it sees as currency manipulation.
¡°The concern we have is what do you do with all that money,¡± Bob Shanks, Ford¡¯s chief financial officer, said last week in an interview. ¡°The competitive landscape really shifts when you¡¯ve got a competitor that suddenly has got that kind of windfall simply because the currency has moved.¡±
Ford is encouraging U.S. trade officials to include rules to prevent currency manipulation in the Trans-Pacific Partnership treaty under negotiation between North American and Asia-Pacific countries, including Japan.
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